Fuel

An unprecedented wave of exports, mostly to Russia, has cushioned a downturn in the Class 8 used-truck business, which has been hurt by high fuel prices and a weak freight market, according to industry executives.

U.S. retail fuel prices continued to soar into uncharted territory last week, as the average price of diesel jumped another 8.4 cents to $4.143 a gallon and gasoline gained 11.9 cents to $3.508, the Department of Energy reported.

Parts maker Commercial Vehicle Group said it earned $500,000, or 2 cents a share, in the first quarter, compared with $3 million, or 14 cents, a year ago.

Crude oil prices fell for the first time in four days Wednesday, a day after setting a closing-price record of more than $119 a barrel, Bloomberg reported.

I am interested in the feedback on fuel prices displayed in “Letters to the Editor.” Unfortunately, most of the letters did not focus on two salient facts affecting the price of oil. The first is the dismal exchange rate of the U.S. dollar versus the euro, and the second is world demand for petroleum products.

Eastern freight railroad Norfolk Southern Corp. said its first-quarter profit rose 2%, as higher revenue per shipment offset an overall drop in traffic and record fuel prices.

The Department of Transportation proposed Tuesday to boost fuel-efficiency standards for cars and light trucks by almost 25% by the year 2015.

The state of Texas said it received about 1,450 requests for grants as part of its $110 million emission-reduction plan to help carriers retrofit and replace older trucks to help clean the state’s air.